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How to calculate FMV of unqoted shares, when there is no active market of those shares, further Financial Statement is also not available. If i am able to arrange FS of those companies can i take calculate value of shares on NAV basis. In India, income tax department has issued circular for calculation of FMV for unqoted shares, can i use that method? Please help.
in IFRS 13 - Fair Value Measurement by

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The limited exception for measuring unquoted equity instruments at cost that existed under IAS 39 is no longer available under IFRS 9; therefore, overall there is a lessened ability to measure unquoted equity instruments at cost.

IFRS 13 Fair Value Measurement will be used to determine fair value when required by IFRS 9. IFRS 13 requires extensive disclosures on recurring level 3 fair value measurements which include unquoted equity instruments.

however, in limited circumstances cost may approximate fair value , for example:

-when insufficient more recent information is available to measure fair value.
-when there is a wide range of possible fair value measurements and cost represents the best estimate of fair value in the range.

However if there are indicators that cost might not be representative of fair value as follows, you can not use cost:

 a significant change in the performance of the investee compared with budgets, plans or milestones.
 changes in expectation that the investee's technical product milestones will be achieved.
 significant change in the market for the investee's equity or its products or potential products.
 a significant change in the global economy or the economic environment in which the investee operates.
 a significant change in the performance of comparable entities, or in the valuations implied by the overall market.
 internal matters of the investee such as fraud, commercial disputes, litigation, changes in management or strategy.
 evidence from external transactions in the investee's equity, either by the investee (such as a fresh issue of equity), or by transfers of equity instruments between third parties.

Check this out for more info on this matter:

by Level 2 Member (2.6k points)